Retirement Finances and Expat Email!
FACT: More than 70 million boomers approaching retirement age don’t have enough money saved for a comfortable retirement in the U.S. No wonder more and more retirees are moving overseas to make their retirement income stretch…
In fact, over the past few decades, the number of S.S. benefit checks for people living in other countries has been rising steadily. 1992 saw approximately 188,000. The number rose to approximately 242,000 in 2002 and continues to grow. A recent article states that U.S. Social Security reports that it’s sending checks to 442,000 Americans overseas.
But that’s only the tip of the iceberg. The government openly admits it doesn’t know how many Americans live overseas but have their Social Security checks sent to a U.S. address.
It’s true. According to an in-depth investigation by Money magazine, “250,000 Americans are leaving the country for good every year. And millions more are seriously considering it.”
Why? Sad but true, many people can no longer afford to retire in the U.S.
And the numbers continue to grow – so don’t think you are one of only a couple people who are hoping to make the move to Mexico and other locations out of the United States, for financial reasons.
Hi Barbie, I’m doing great, thank GOD! hope Y’all are doing great also. Barbie let me tell you from my aspect why we live here and as you know there’s no place for everyone.
The cost of living a great life style here will cost around 1000 to 1200 USD. I’ll send you a story I did on Tequisquiapan and pictures you decide. Real estate – here a person can get a great home for about 100,000 USD we are two hours from SMA and that same house in the same location there would be 500,000 USD.
I read stories(that) all end up with you can buy a home for only 200,000 USD. Well many people don’t have 200,000 .
They need home that are still priced the way it was 10 years ago in Mexico. They also need a place where the weather is good year round. It cold now for the next two months but not freezing. Most people don’t use heat and never use A/C so again the cost of living is low. P.S.
Make sure to use this exact URL – there are many others that are very similar, but you will be charged a fee. This one is actually FREE!
Dear Barbie, Here is an example of cost of living in our small Mexican town:
#1 Health insurance, or IMSS as it’s called in Mexico, costs $270 USD a year; that breaks down to $ 22.50 a month. The insurance covers 100% doctor visits, drugs and any hospital stays. There are no co-pays.
#2 The average electricity bill here is $ 15.00 a month
#3 Water is $6.00 a month
#4 Home taxes average $30.00 a year
#5 Fresh vegetables & fruit at the Tuesday market are under $20.00 a week.
#6 Our maid works for us 3 days a week and costs $27.00 a week.
#7 There are so many wonderful financial advantages to living in this still-undiscovered Paradise. A couple can live quite well for under $1,000 a month. MS
Modern communications makes living outside the U.S. and still keeping ties with the family easy. With so many other transplants now living south of the border, the ‘foreignness’ of Mexico is not so foreign any more.
But, it takes a certain kind of person to live outside the U.S. If you plan to live in Mexico and enjoy it, you should immerse yourself somewhat in the customs and culture of the country.
To: Barbie Date: Wednesday, February 10, 2010, 1:50 PM Thanks for taking the time to get the info to me. I just thought it might make an interesting paragraph or so in a future article you write. Media has a way of distorting everything, particularly if it is news outside of our borders. I do volunteer work in Reynosa each summer and you would think the place had been washed away,(from the news media) or everyone died of swine flu or is getting shot by drug lords, or you name it. It is like you say, do your homework. Thanks again.BVB
Want to Read the economy?
You can do that – and I’m betting your research result is as close to what’s actually happening and going to happen, as the professionals! Try it:
- When employment is rising (new jobs have been added or created) that’s healthy…duh
- When the manufacturing indicators (firms are getting orders for durable goods) are growing, that’s healthy.
- When Personal income and consumer spending is up (consumers have more money that they are spending) that’s healthy.
- Consumer confidence and consumer sentiment is going up, (consumers’ feelings about their own finances and the economy in general) that’s good.
- Gross domestic product is going up (everything the U.S. produces and consumes) – that’s good.
Of course, the reverse is true – just in case any of you see the glass half empty.
Addition Feb 3, 2013 – the amount you need to move to Mexico has changed – see – http://consulmex.sre.gob.mx/detroit/index.php/info-english
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Barbie Parks is the publisher and editor of MoneySavingMexico.com. She is the author of Retire In Luxury: How To Retire Abroad And Live Better on Less and her latest book, Money Saving Mexico: How To Save Money On Everything South of the Border.